An MBA from a reputed foreign university can not only widen your horizons, but also lead to a stellar career. In order to fulfil your dreams of attending a top MBA college abroad, you may have started preparing for an array of entrance tests, scholarship exams, and eligibility tests too. Even though scholarships can fund a bigger chunk of your tuition fees, you will still have to bear other costs. The cost of living overseas will be higher than India, and you need to account for it accordingly. So, instead of funding your education using your savings, cashing in your parents’ investments, or by taking an expensive unsecured loan, you can pledge your property and avail a loan against it. This will get you a high value sanction on low interest rates, which keeps your EMIs within budget.
Here is how a loan against property for higher education will benefit you when you are planning to go abroad for your MBA.
High Loan Amount to Cover all your Educational Expenses
There are many expenses that you need to tackle while studying abroad like tuition fees, living expenses, insurance charges and travelling fees. To bear these costs, you can avail ample funds by getting a loan against your property. Your final sanction will largely depend on the value of your pledged property. So, if the value of your property is high, you can access large amount of funds based on the loan to value (LTV) ratio. This means that the lender values the present worth of your property, and if eligible, you can get a sanction of up to 70%–80% of the net worth of your collateral.
Longer Tenor to Ensure that you have enough Time to Repay during and after your MBA
A loan against property for higher education comes with a lengthy repayment tenor. When you take a Loan against Property from Bajaj Finserv, you get a tenor of up to 20 years to repay the money you’ve borrowed. This means you can pay it off using your part-time income while doing an MBA and have time after it to continue repayment when you start working and earning more. So, you can keep the EMIs pocket-sized initially and increase the EMIs to become debt-free.
Additional Read: Finance your overseas education effectively with Mortgage Loan
Flexi Hybrid Facility to help you Finance Unpredictable Educational Needs
While studying abroad, you may need to meet unforeseen and non-recurring expenses. From extra course fees and medical emergencies to an internship in another city, these costs can throw your budget off-kilter. To help you tackle these unpredictable expenses, you can choose to avail of the loan against property with the Flexi Hybrid feature. This facility allows you to withdraw money from the total sanctioned amount as per your needs and pay interest only on the amount utilised. Moreover, you can choose to pay interest-only EMIs during the tenor and repay the principal at the end of the tenor. This facility keeps you well-prepared for all unpredictable costs abroad and allows you to keep your repayment easy on the pocket.
Easy Application to Ensure you get Access to Funds Quicker
The tuition fees for an MBA can be expensive. It also comes with a strict deadline, failing which you may lose your seat. To prevent any delay, opt for a loan against property for higher education with lenders like Bajaj Finserv to get money in your bank account in 72 hours. Check your loan against property eligibility and then fill in your basic details using an online application form to get approval in minutes. After this, submit the documents required to get a loan against property. You can choose the convenient door-step pickup to save on travelling to a branch. Once these are verified, you will get the loan amount directly in your account without any restriction on use.
Now that you know how loan against property for higher education is helpful, you can either pledge a residential property or a commercial property to avail this loan. Bajaj Finserv brings you pre-approved offers for personal loans, home loans and other financing options to simplify the process of availing financing and help you save on time.
To know more: Loan Against Property To Fund Higher Studies